Dana Petroleum has reached an agreement with Hansa Hydrocarbons Limited (Hansa) for them to participate in the Pharos exploration well on Licence P.1566 in the UK Southern North Sea, due to be spudded before the end of September.
The Pharos prospect is located approximately 50 km northeast of the Easington gas processing terminal, Humberside, and lies west of the Hyde field. Once the farm-in is completed, Hansa will acquire a 15% interest in Licence P.1566 and P.1742. Dana will retain a 35% interest and operatorship across both Licences.
Other partners in the Licences are Dyas Exploration UK Limited (15%), MPX North Sea Limited (15%) and Parkmead (E&P) Limited (20%) for P.1566 and Dyas Exploration UK Limited (30%) and Parkmead (E&P) Limited (20%) for P.1742.
Completion of the transfer is subject to the receipt of UK government and partner consent.
NOTES TO EDITORS
About Dana Petroleum plc
Dana Petroleum plc, a wholly owned subsidiary of the Korea National Oil Corporation (KNOC), is an international oil and gas business with operations in the UK, Egypt, Norway, the Netherlands and Africa, producing 60,000 barrels of oil a day. Dana’s ambition is to become a leading international oil and gas company operating in Europe, Africa and the Middle East and aims to grow production significantly by investing up to $5 billion over the next five years to increase the size of the company and create value for our shareholder.
About Dana Petroleum UK
Our portfolio in the UK consists of exploration, production and development activities throughout the Northern, Central and Southern North Sea, West of Shetland, and in the Moray Firth. We hold a total of 20 operated and 35 non-operated licences acquired through successful licensing rounds, acquisitions and asset farm-ins. Our average annual production in 2012 was 33,000 barrels of oil per day. Our strategy is to continue to invest in our UK exploration portfolio and convert exploration prospects into reserves and production.
For further information contact:
Director of Group Communications and External Affairs
+ 44 (0)1224 616100
Group Corporate Communications Manager
+ 44 (0)1224 616100
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